Pursuits
Adidas Lifts Profit Forecast Ahead of Euro Soccer Tournament
- Second forecast increase in three months provides new boost
- `Momentum in the business looks to be accelerating': analyst
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Adidas AG raised its full-year profit forecast for the second time in less than three months after first-quarter results beat its own expectations as consumers snapped up sneakers ahead of the Euro 2016 soccer tournament.
Net income from continuing operations will rise 15 percent to 18 percent this year, more than a prior range of 10 percent to 12 percent, the Herzogenaurach, Germany-based company said in an unscheduled statement Wednesday. The shares rose as much as 6.9 percent to a record high.